A severe freeze has once again damaged the Florida orange crop. The impact on the market for oranges will be a leftward shift in
a. demand as consumers try to economize because of the shortage.
b. both the supply and demand curves.
c. the supply curve.
d. the supply curve and a rightward shift in the demand curve, which will result in a higher price.
c
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Households
A) purchase final goods and services in the factor market. B) purchase final goods and services in the product market. C) purchase resources in the product market. D) purchase resources in the factor market.
The table below shows the number of labor hours required to produce one gallon of wine and one pound of cheese in the United States and France. The opportunity cost of producing cheese in the United States is Labor hours to make:In the United StatesIn France1 gallon of wine4.001.001 pound of cheese1.002.00
A. 0.5 gallon of wine. B. four gallons of wine. C. one gallon of wine. D. 0.25 gallon of wine.